Crypto regulation vote in limbo: Here's what to know

Summary

CNBC's Emily Wilkins reports that the Senate Banking Committee postponed its markup vote on a major crypto market-structure bill. Coinbase CEO Brian Armstrong opposed the bill, calling it materially worse than the status quo, while bank associations warned it favored crypto and could drain deposits. The timeline for any final legislation is tight and could take months or slip to the next Congress. Crypto markets were described as under pressure after the delay.

• Senate Banking Committee called off a markup vote on a crypto market-structure bill.
• Coinbase CEO Brian Armstrong said Coinbase would not support the bill.
• Armstrong cited reduced CFTC authority and limits on exchange rewards.
• Bank associations objected, warning about potential billions in deposit withdrawals.
• Lawmakers pledged to keep working, but the legislative timeline is very tight.
• Any final bill would need Senate and House negotiation and could take months.
• Emily Wilkins plans to interview Brian Armstrong later for the path forward.
• Crypto markets were under pressure after the delayed vote.